Cross-Border Payments Platform Launched By Tech Firm ‘Wyre,’ To Make Cross-Border Payment Easy
Cross-border payment now made easy with the newly launched payment platform of Wyre, A Tech Firm. Wyre is a San Francisco-based Tech company that has provides blockchain services for fast and secure cross-border transactions. The name of the new payment platform for cross-border payment is Wyre, named after the firm.
Cross-Border Payment Now Made Easy By Wyre
Cross-border payment now made easy with the newly launched payment platform of Wyre, A Tech Firm. Wyre is a San Francisco-based Tech company that has provides blockchain services for fast and secure cross-border transactions.
The new platform Wyre is tagged as the fastest cross-border money transaction platform in the crypto industry at the moment, by providing a highly competitive rate for companies to transfer payments across borders from country to country.
As the new platform is launched basically to make cross-border payments easy. The company has received a massive boost of $5.8 million in funding from a venture by Chinese firm Amphora Capital, and also two of the biggest names in payments right now in China; 9fBank and Baifoo.com. Other participants of the funding are Draper Associates, Digital Currency Group, and Silicon Valley investors, and a few others. The primary purpose of the new funding is to enhance the expansion of the Wyre project into Europe and Latin America as well.
The project of cross-border transfer is described by Chief financial officer of 9fBank.com, Sam Lin, that “It is estimated that the demand for cross-border payment from Chinese companies and investors could reach USD 1.5 trillion within the next five years. Wyre is well positioned as a market leader to facilitate those transactions faster and at a lower cost. We believe Wyre’s cross-border technology will revolutionize global payment and remittance and have since made a sizable investment into the company,”
Mr. Sam further states that the growth of the company will continue in coming years, even at present an approximate of $35 million of cross-border trade are conducted on a monthly basis via the blockchain, and Wyre takes the role of about 90% of these payments.
The burdensome process of the cross-border transaction has been made easier by Wyre by transforming the former transfer system of 1 to 3 days of time for cross-border transfer and the approximate charge of 1 – 4.5% to less than 6 hours and fewer charges. The innovation has been done using the same day transfer protocol at the most competitive rates.
A new transformation to the cross-border transaction as more expansion is expected to Europe and Latin America to aid the crypto world.